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    Thread: Bidyut's trading journal

    1. #1
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      Default Bidyut's trading journal

      Introduction: This is my first trading journal in mt5 forum and it is in a demo account. Iíve opened a demo account with 500 USD balance. The main purpose of opening this demo account is only for making a trading journal in mt5 forum. Long time back our respected moderator dzin4aans had encouraged me to open a trading journal. But due to some unforeseen reasons I was unable to give attention in this regard. After looking at many trading journals available in this section Iíve got some positive energy and a lot of good motivation to open my own trading journal. Now I think it is the right time to open a trading journal.

      Main motive of opening a trading journal: First of all I want to improve my trading by sharing my own trading system. By opening a trading journal here I would definitely get an opportunity to interact with other good traders. They can suggest, guide me for opting a better trading system. This is one of the best ways to engage myself in improving my existing trading strategy.

      Why Demo Account: This is my first trading journal in mt5 forum. Still I consider myself as a leraner and I want to improve my trading and it is only possible through demo account. Second reason is that I want to open a separate account (real trading account) for trding journal. But at this moment Iím not fully prepared myself (financially) to open a real account for this purpose. In other hand I donít want to wait for long to start a trading journal. So my main motive here would be to engage myself in a good discussion where we can share knowledge and learn everything which is required to be a good trader.
      In future I would definitely go for a trading journal where I can show real profit in real account. Once I get ready for that I would definitely inform you all through this journal or through my signature.

      My strategy:

      Support & Resistance: From the very beginning I am trying to trade on support and resistance levels. So my main focus would be to see support and resistance levels of a particular pair on a daily basis before opening any order. Iíll try to open orders by looking at support and resistance levels. Most probably my buy orders would be above support levels and sell would be below resistance. In addition Iíll try to take decisions of opening any order by looking at price action.

      Price Action: It is important to watch in which direction a particular pair is moving where weíre going to trade. In simple words Price action gives us an idea where the price is moving. When I see 3 to 4 candles formed an upward trend in other words when few bull candles form an uptrend Iíll go for a buy order. In opposite if I see few bear candles lined up in a row to form a downward trend, Iíll go for sell order. So here I would go for trading on any pair by following price action.

      Chart Type: I would like to trade in a clearly visible chart and I consider candle stick chart as a best option for me. I do not use too much indicators. Itíll consists of only support and resistance levels.
      Time Frame: I prefer to see 1 hr, 4 hours, daily time frames to decide where the price is moving or to predict the actual trend I will go for these time frames. To open any order or to check entry point Iíll go for only 1 hour chart.

      News Events: As we know fundamental or economical news are very important to watch while taking any trading decisions. Iíll keep an eye on day to day news events to trade. The best way to watch any types of news events is through economic calendar. Most of the movements take place in any particular pair due to news releases. Even technical trader canít ignore the importance of fundamental news or any economic data releases (e.g. NFP) etc. Sometimes I would stop trading during high impact news. In other words Iíll be very careful during news events and try to avoid trading in case there are no clear movements.

      Lot Size: I would go for 0.10 LOT size (per order) at the very beginning. I may go for many orders at a time but not more than 1 LOT in total. For example, 10 orders with 0.10 lot size orders. Sometimes I may go for averaging my trades by taking additional lot size orders. Gradually I will try to increase the lot size orders with growing account balance.

      Target: Anywhere from 10 to 100 pips. I can decide only after looking at the levels. Sometimes I may not give any target and close all orders manually.

      Stop Loss: Iíll try to put a stop loss in some trading positions but not in all trading positions. Again itíll depend on the levels and also in the movement of a particular pair. In case I put stop loss in any pair itíll be around 50 pips.

      Long term or short term: My goal would be to take profit from every trade in a short term period. I prefer short term trades because it is easy for me to handle. In case I see slow movements in any trade Iíll keep the order for long hours and definitely wait for the price to trigger the target ( if I put TP).

      Trading Pairs: I would like to trade on major pairs (EURUSD, GBPUSD etc.). Also I would go for high volatility pairs for example, GBPNZD, GBPJPY etc. Sometimes I will try to trade in Gold and Silver if I get good confirmation.

      Risk-Reward Factor: As it is not a contest account Iíll try to go slowly. I believe in steady growth and not in sudden growth as far as forex trading is concerned. I would only go for 5% to 10% risk, and not more than that. Similarly, Iíll try to make decent profit from every trade. If I see it is worth to wait for a particular trading position then Iíll wait for it to get more profit out of it. For any trader to sustain in the market is more important than anything else, so I will try to avoid any unnecessary risk. Sometimes I would go for cut losses in the form of stop loss or by closing manually. Once we learn how to manage risk weíll automatically able to grow our trading account to a satisfactory level.

      To my fellow members: I hope there is no doubt about my trading plan. I do not want to complecate things, so Iíll try to elaborate every trade with clarity. Iím ready to answer you if youíve any questions regarding my trades or anything related to my trading journal. Iíll be grateful if we can stick to the topic and not talk about anything off topic in this section. Your good suggestions are always welcome. Thanks to everybody for visiting here. Lets start together!


    2. #1191
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      Well kalex is a very rare example of people achieving great results with their short term trading and you cannot qualify these folks as not knowing what they are doing in the Forex market because the result remains there for everyone to see and behold, we must be confident about ourselves because this is the only way we can achieve the much talked about consistency, you can trade as a scalper and make it, you can decide to use long-term and what have you and still become highly successful, your approach is not the matter but the achievement and accomplishment that will speak for you at the end of the day. Let's not condemn anyone for his trading methodology, we all have our own special system.


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    5. #1192
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      Quote Originally Posted by fembizz View Post
      There is nothing wrong in trading in short term approach as in this trading business I have seen many short term traders doing and making it big as one of them is Kalex in this forum who have mattered his trading strategy so well that he even uses 10 lot here and growing his account with consistent profit. My conclusion, simply find your style tat you're comfortable with and trade that way.
      That's a good advice from you. Every trader should find their styles and follow them. In my little time in this forum I have seen Kalex & Nikki trading good and making profits from forex which means they understand their styles very well and are taking advantage of it to make better trades for themselves. After all we all want same success and the best thing to do is to give ourselves the chance of learning so we could build the right means to make better trading.


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    7. #1193
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      Every forex trader should find their suitable style, it is essential that we learn about the good systems we already have, you may jump into different strategies with the hope of getting so much money from the market not knowing that you can understand what you are doing and make good progress. I have been a victim of moving to different systems, that is the same challenge that many people have been making and you cannot become successful this way, it is essential for everyone to learn about their system before anything else. You must ensure personal development for yourself, depending on people won't help you.


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    9. #1194
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      A trader get real success in this business when he know what he is doing here. Only earning money is not success because we can earn money some time due to our luck and some time due to copy others. You may be jumping in different strategies for success but you wil not succeed until you know what you are doing for trading. Just copy others is not real and long term business success.
      We need to make our own ways to reach our goals in Forex Market and this is only possible when we have knowledge and skills.
      If you need to spend years in market for real success then spend because once you know about trading then it's a lifetime achievement for you but never use any shortcut for temporary success.


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    11. #1195
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      Consistency of earning in a smooth way is important many people earn some money in 2 to 3 weeks and consider themselves a complete trader which is wrong every new beginner who starts forex trading must need to practice their stragety for 6 months at least paper trading is very important because if we do paper trading seriously then we don't repeat the same mistakes that we done in demo trading
      Short cut is gambling and gambling can't give you success it's only gives you a frustration and depression so keep away your self from gambling and work hard in learning technical analysis


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    13. #1196
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      Quote Originally Posted by zeeshaa View Post
      A trader get real success in this business when he know what he is doing here. Only earning money is not success because we can earn money some time due to our luck and some time due to copy others. You may be jumping in different strategies for success but you wil not succeed until you know what you are doing for trading. Just copy others is not real and long term business success.
      We need to make our own ways to reach our goals in Forex Market and this is only possible when we have knowledge and skills.
      If you need to spend years in market for real success then spend because once you know about trading then it's a lifetime achievement for you but never use any shortcut for temporary success.
      we need knowledge for earn money from market, if you need the knowledge of the forex market then you wil have to desire it and work towards getting it because if you stop at the point of desiring, then it will continue to be an illusion for ever. There is no mystery about the forex market it only requires our knowledge and where knowledge is ruling ignorance can never operate in such environment, we must try to add to our knowledge from time to time otherwise it can become obsolete with time. It's good that we have the passion to learn about this business. This is very necessary and this is a good means for us to develop better in forex.


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    15. #1197
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      One of the reasons why many traders tend to suffer in this business is because they try to skill major steps in this business, first many traders don't spend enough time learning on a demo account, secondly even with their half baked knowledge many stumble into live trading with huge lot size wanting to make money very quickly. All of these contribute to the reason why many fails, in forex every step must be observed because if you skip any step there is every tendency you would repeat it.


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    17. #1198
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      bidyut thank you my dear friend, without risk forex is not profitable for us so when we want to earn profit in this business then we should take risk but we should not take more risk. i think 0.01 lot size is very good for new traders and small capital. if your have maximum capital in your account then you can take high lot size because lower capital cant stay more time with big lot. if you loss your trade in small capital with big lot size then you will loss your whole account in few second. when you will come in real account then you should use small lot size. we know long time traders can earn more profit in this business so wait and earn profit slowly.


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    19. #1199
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      Quote Originally Posted by chakrabarty View Post
      bidyut thank you my dear friend, without risk forex is not profitable for us so when we want to earn profit in this business then we should take risk but we should not take more risk. i think 0.01 lot size is very good for new traders and small capital. if your have maximum capital in your account then you can take high lot size because lower capital cant stay more time with big lot. if you loss your trade in small capital with big lot size then you will loss your whole account in few second. when you will come in real account then you should use small lot size. we know long time traders can earn more profit in this business so wait and earn profit slowly.
      In fact, the way to start making money is not found in your ability to take risks but in knowing how to always make sure that they are reduced to the smallest in order to last longer here. When I was willing to take any amount of risks I kept on blowing out my trading account, but time came I saw what I was doing was the only cause of not lasting long and losing all my trading accounts then I changed it!
      Wisdom Is The Ability To Apply Knowledge And Experience To Any Given Situation.
      If you do not take control of your risks then you lose control of your trades


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    21. #1200
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      Quote Originally Posted by Leonvic90 View Post
      Every forex trader should find their suitable style, it is essential that we learn about the good systems we already have, you may jump into different strategies with the hope of getting so much money from the market not knowing that you can understand what you are doing and make good progress. I have been a victim of moving to different systems, that is the same challenge that many people have been making and you cannot become successful this way, it is essential for everyone to learn about their system before anything else. You must ensure personal development for yourself, depending on people won't help you.
      One major problem in this market is traders always thinking the next trading system is better than the one they have,that is so very wrong,there is no one system that is perfect out there,all you need to do is to look at what you using adjust it to suit your style of trading and you are ready to go,you might even have some losing period but if you understand your trading style then you will not worry.


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